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April Mortgages Review: Is April Mortgages a Good Lender?

Discover how April Mortgages could save you thousands on interest.
Frank Day
Author: 
Frank Day
Alice Leetham
Editor: 
Alice Leetham
13 mins
March 12th, 2024
Advertising Disclosure

April is a new player in the UK mortgage market. It’s unique as it offers Dutch-style mortgages. This means you can get longer fixed terms and interest rates that automatically decrease over time.

April is a great lender for remortgaging, but this is the only type of mortgage they offer at the moment. If you’re a first-time buyer, or you want to take out a mortgage on your next new property, you’ll need to go elsewhere.

Use our in-depth analysis to learn everything you need about April, what they’re best for, and how you can get the mortgage deals you need.

April Mortgages0.0Visit

April Mortgage Overview

Product options

Fixed rate

Term length

5 to 15 years

Minimum loan size

£50,000

Allows overpayments

Yes

Mortgages are portable

No

Ways to apply

Broker only

Customer service contact options

Phone, online contact form, post

Additional information

Remortgaging only: No support for first-time buyers

What is an April Mortgage?

April offers Dutch-style mortgages at long-term fixed rates. The interest rates lower as you pay off the mortgage, meaning you’re paying less interest over time. There are also no early repayment charges, so if your circumstances change, you can put more towards your mortgage to get it paid off quicker.

At the moment, they only offer remortgage deals, so they’re not available for first-time or next-time buyers. But they’re looking to introduce mortgages for these groups in the future, so watch this space.

Why Choose an April Mortgage?

April mortgages are limited at the moment, but if you’re looking to remortgage, they’re a great option.

No early repayment fees

This is a key one. A big concern with a lot of mortgages is how long you need to wait to pay them off. With April, you can make early repayments on your mortgage without any fees.

Reducing interest rate

As you start to pay off your mortgage with April, your interest rate reduces. This means the amount you owe will reduce over time, saving you money.

Further borrowing

With April, you can borrow more against your existing mortgage if you need to. You don’t have to get a new mortgage. This is useful if more extensive changes are needed to your house, like a new kitchen or an extension.

Where Do April Mortgages Fall Short?

It’s mainly availability that limits April at the moment. April’s only available for remortgages, so anybody looking for a new house will need to go elsewhere. Mortgage expert and founder of Lease Extensions, Ashley Connell, talked to us about April's offering:

Of course, locking into one of these longer-term deals means you're sort of stuck if rates drop significantly later on. And April's upfront fees may stop some from going this route.
Lease Extensions founder
Ashley ConnellAshley Connell

Who is an April Mortgage Best for?

April is for existing homeowners who need to remortgage their house. Their fixed-rate mortgages make them ideal for people looking for predictability and sustainability. Plus the lack of any early payment fees makes them great if you expect your circumstances to improve in the near future.

What Types of Mortgages Does April Offer?

There isn't a huge range of mortgage products offered here. April only offers fixed-rate remortgages. You can fix your mortgage term for anything between 5 and 15 years. Rates start at 4.99%. As you pay down your mortgage, April will automatically reduce the interest rate of your plan as loan to value (LTV) reaches a lower band with cheaper rates.

Ways of Getting a Mortgage With April

At the moment, April mortgages are only accessible directly through mortgage brokers. April works closely with moneyQuest and HL Partnership to deliver their mortgages.

Benefits of mortgage brokers

Buying a mortgage through a broker has a lot of benefits.

Expert guidance

Brokers can provide expert guidance on the best products to choose. They’re specialists in the mortgage industry and can give you tailored advice based on your personal circumstances.

Save time

Brokers can contact lenders, handle your paperwork, and streamline the mortgage application process. This makes things much quicker for you.

Negotiating power

Brokers can help negotiate with lenders to get you a better deal on your mortgage. You may be able to get better rates or loan terms through a broker than you could on your own.

Ongoing support

Some brokers provide support not just during the lending process, but sometimes for the life of the loan.

What Interest Rates Does April Charge?

April charges the following rates on its mortgage products.

5 year fixed

Application fee: £195

Completion fee: £995

LTV

Rate

APRC

85%

5.14%

6.97%

80%

5.09%

6.89%

75%

5.04%

6.81%

60%

4.99%

6.77%

7 year fixed

Application fee: £195

Completion fee: £995

LTV

Rate

APRC

85%

5.29%

6.73%

80%

5.19%

6.63%

75%

5.09%

6.53%

60%

4.99%

6.47%

10 year fixed

Application fee: £195

Completion fee: £995

LTV

Rate

APRC

85%

5.29%

6.36%

80%

5.19%

6.27%

75%

5.09%

6.17%

60%

4.99%

6.10%

12 year fixed

Application fee: £195

Completion fee: £995

LTV

Rate

APRC

85%

5.29%

6.17%

80%

5.19%

6.07%

75%

5.09%

5.97%

60%

4.99%

5.90%

15 year fixed

Application fee: £195

Completion fee: £995

LTV

Rate

APRC

85%

5.29%

5.93%

80%

5.19%

6.83%

75%

5.09%

5.73%

60%

4.99%

5.65%

Does April Offer the Best Mortgage Deals?

April excels when it comes to interest rates. Average interest rates on the market at the moment range from 4.99% to over 7%. April’s reducing rates as the LTV decreases puts them top of the pile for remortgages at the moment. But, their lack of other mortgage options means they’ll miss out on a lot of custom.

How Much Can I Borrow With April Mortgages?

The maximum LTV available with an April mortgage is 85%. The lender plans to extend to offering 95% mortgages in the future, though. Your maximum loan size will depend on your financial situation, including your debt history and total income.

How to Apply for an April Mortgage

To apply for an April mortgage, you’ll need to contact a broker. Follow the steps below to get your mortgage from April.

Step 1. Go to the April Mortgages website

Step 2. Contact one of their brokers

Step 3. Speak to your broker - they’ll let you know what they need and handle the rest!

How Long Does It Take to Get a Mortgage Offer From April?

It can take a while to get a mortgage offer, but the mortgage application timeline depends on your individual circumstances. Most mortgages take around 2-6 weeks to process when you’ve started your application. Pre-approvals and agreements in principle are usually valid for 60-90 days. The full underwriting process can take anywhere between a few days and several weeks.

How Can You Contact April?

You can contact April via phone, online message, or post.

Phone: 0333 456 1471

Post: April Mortgages, PO Box 80198, London, NW1W 6FR

How Easy is It to Apply for an April Mortgage?

You’ll need to apply through a broker to get an April mortgage, so the ease of the application process depends on your broker. Your broker will tell you everything you need to do to get your application processed, but using a broker in itself is often easier than managing your mortgage application yourself.

Can You Make Overpayments on Your April Mortgage?

Yes, you can make overpayments on your April mortgage without penalties. This is one of the key selling points of April. You can arrange overpayments by contacting April on 0333 456 1471.

What Fees Does April Charge for Its Mortgages?

April’s fees are as follows:

Application fee: £195

Completion fee: £995

Legal fees: £150

Additional borrowing: £295

Valuation fees change depending on the value of the property. The first valuation is free (for properties up to £750,000 in Greater London and up to £500,000 in the rest of England and Wales). Valuations after this are charged as follows.

Property value

Fee

Up to and including £100,000

£260

£100,001 to £200,000

£295

£200,001 to £250,000

£328

£250,001 to £300,000

£361

£300,001 to £350,000

£394

£350,001 to £400,000

£427

£400,001 to £450,000

£460

£450,001 to £500,000

£493

£500,001 to £600,000

£525

£600,001 to £700,000

£620

£700,001 to £800,000

£715

£800,001 to £900,000

£810

£900,001 to £1,000,000

£905

£1,000,001 to £1,250,000

£1,000

£1,250,001 to £1,500,000

£1,220

£1,500,001 to £1,750,000

£1,430

£1,750,001 to £2,000,000

£1,640

£2,000,001 to £2,500,000

£1,850

Early Repayment Charges (ERCs) are only payable when remortgaging to another lender or refinancing to another product during the term. They’re charged at different rates depending on how long is left on your mortgage.

Remaining years

ERCs

15

9%

14

9%

13

9%

12

9%

11

9%

10

9%

9

9%

8

8%

7

7%

6

6%

5

5%

4

4%

3

3%

2

2%

1

1%

April Mortgage Eligibility Requirements

Below is a list of the requirements that need to be met before you can have an April mortgage.

  • You must be 18 or over to apply

  • You must have lived in the UK for a minimum of 2 months

  • You must pass the affordability assessment

  • You must pass all credit checks

  • You can’t be on a debt management plan

  • Minimum income requirement of £24,000

  • Minimum loan size of £50,000

  • You will not be accepted if you’re considered a politically exposed person

  • You will not be accepted if you’re on a visa

What Does April Look at Before Approving Your Mortgage?

April will look at a number of things during your application, all of which are listed on their website. The primary considerations are:

  • Your income

  • Your credit history

  • Any existing or historical debts

  • Your right to live in the UK

What do Other Customers Say About April Mortgages?

As April only launched in November 2023, there aren’t any customer reviews available yet. Watch this space - we’ll be sure to update this with any more information as it comes in.

About April

April launched in November 2023 and is backed by the DMFCO group, the largest independent asset manager of Dutch residential mortgages. As a new lender, they only offer remortgage deals at the moment, but they plan on expanding their offering later this year. They’re authorised and regulated by the Financial Conduct Authority.

April funding their loans overseas rather than with UK pensions is a novel move for the market, which the large banks have traditionally dominated. Whether this catches on locally may depend on how consumers receive it and if the property market holds up over the long haul.
Lease Extensions founder
Ashley ConnellAshley Connell

Not Sure if April is Right for You? Consider These Alternatives

If you need a mortgage on a new property, April won’t be able to help. You may find some of these alternatives more useful.

HSBC: A huge variety of mortgage offerings

If you find April's offering limited, check out HSBC. The bank offers more than 450 mortgage products, spanning a variety of terms, types, and loan to values from 60% to 95%. You'll be able to make overpayments of up to 10% and there's no Early Repayment Charge for tracker mortgages.

Nationwide: Great for first-time buyers

If you're a first-time buyer, April doesn't yet have anything to offer you, but Nationwide is a good alternative. You can get a 95% mortgage with £500 cashback. There's even a Helping Hand mortgage that enables people to borrow up to 20% more if they're struggling to afford their first mortgage.

Halifax: Top choice for landlords

April doesn't yet offer buy-to-let mortgages, but Halifax has a strong offering. Its buy-to-let products have no product fee and let you borrow up to £1 million. What's more, there's no Early Repayment Charge once your fixed-rate period ends.

Should You Get a Mortgage From April?

April is great if you want to remortgage your house and enjoy decreasing interest rates. We strongly recommend it in these cases. Unfortunately, since their service is quite limited at this time, if you need any other mortgage services, you’ll need to go elsewhere for the time being.

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FAQs

Is April a good mortgage provider?
What credit reference agency does April use?
What credit score do you need for an April mortgage?
Will I need a good credit score for an April mortgage?
How does April check my credit rating for a mortgage?
Does April offer mortgages to people with bad credit?
Can I port my April mortgage?
Are April mortgages hard to get?
Does April charge mortgage fees?
How long can the mortgage term be with April Mortgages?

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Contributors

Frank Day
Author
Frank Day
Frank is a personal finance writer with specific expertise in saving, investing, and the pensions industry. Throughout his career, Frank has written financial content for a number of companies and pension providers, including the Environment Agency, Direct Line, and the Teachers’ Pension Scheme. As a keen wordsmith, Frank has also written his own short novels, explored audio-visual editing, and hosted various podcasts.
Alice Leetham
Alice first discovered a passion for all things finance while studying for a degree in mathematics. Over the last several years, she's been building her knowledge of trading and investing through courses and first-hand experience, as well as honing her writing and editing skills while crafting content for innovative companies in the FinTech space. When she's not working on financial content, Alice enjoys foraging, ringing church bells, and creating the puzzle page for a regional magazine.